Pengaruh Bias Perilaku terhadap Pengambilan Keputusan Irasional dengan Financial Literacy sebagai Pemoderasi
Abstract
This study aims to examine the effect of status quo bias, regret aversion bias, loss aversion bias and availability bias on irrational investment decision making by investors in Malang City moderated by financial literacy. The number of respondents as many as 87 people came from a group of investors from several securities offices and community groups of Beginner Stock Investors (ISP) Malang City. This study uses moderated regression analysis as a test tool. The results of this study indicate that regret aversion bias and loss aversion bias have a positive effect on irrational investment decision making, while the status quo bias and availability bias have no effect on irrational investment decision making. The moderating variable of financial literacy weakens the effect of availability bias on irrational investment decision making, but does not weaken the effect of status quo bias, regret aversion bias, and loss aversion bias on irrational investment decision making.
References
Addinpujoartanto, N. A., & Darmawan, S. (2020). Pengaruh overconfidence, regret aversion, loss aversion, dan herding bias terhadap keputusan investasi di Indonesia. Jurnal Riset Ekonomi dan Bisnis, 13(3), 175-187. http://dx.doi.org/10.26623/jreb.v13i3.2863.
Ady, S. U., & Hidayat, A. (2019). Do young Surabaya's investors make rational investment decisions?. International Journal of Scientific & Technology Research, 8(07), 319-322. https://www.ijstr.org/final-print/july2019/Do-Young-Surabayas-Investors-Make-Rational-Investment-Decisions.pdf.
Akinkoye, E., & Bankole, O. (2020). Effect of emotional biases on investor's decision making in Nigeria. International Journal of Business and Management Future, 4(1), 33-39. https://doi.org/10.46281/ijbmf.v4i1.548.
Areiqat, A. Y., Abu-rumman, A., Al-alani, Y. S., & Alhorani, A. (2019). Impact of behavioral finance on stock investment decisions applied study on a simple of investors at Amman Stock Exchange. Academy of Accounting and Financial Studies Jurnal, 23(2), 1-17. https://www.abacademies.org/articles/Impact-of-Behavioral-Finance-On-Stock-Investment-Decisions-1528-2635-23-2-375.pdf.
Bakar, S., & Yi, A. N. C. (2016). The impact of psychological factors on investors' decision making in Malaysian stock market: A case of Klang Valley and Pahang. Procedia Economics and Finance, 35, 319-328. https://doi.org/10.1016/S2212-5671(16)00040-X.
Brown, A. L., & Kagel, J. H. (2009). Behavior in a simplified stock market: The status quo bias, the disposition effect, and the ostrich effect. Annals of Finance. 5, 1-14. https://doi.org/10.1007/s10436-007-0092-0.
Budiarto, A., & Susanti. (2017). Pengaruh financial literacy, overconfidence, regret aversion bias, dan risk tolerance terhadap keputusan investasi (Studi pada investor PT. Sucorinvest Central Gani Galeri Investasi BEI Universitas Negeri Surabaya). Jurnal Ilmu Manajemen (JIM), 5(2), 1-9. https://jurnalmahasiswa.unesa.ac.id/index.php/jim/article/view/19441/17757.
Budiman, J., & Ervina. (2020). Pendekatan perilaku keuangan terhadap keputusan investasi emas. Jurnal Profit, 14(1), 63-68. https://doi.org/10.21776/ub.profit.2020.014.01.7.
Candy, C., & Vincent, K. (2021). Analisis pengaruh behavioural finance terhadap pengambilan keputusan investasi investor di Kepulauan Riau. Jurnal Ekonomi & Ekonomi Syariah. 4(2), 864-873. https://doi.org/10.36778/jesya.v4i2.403.
Frost, J. (2020). Understanding significance levels in statistics. https://statisticsbyjim.com/hypothesis-testing/significance-levels/.
Ghozali, I. (2016). Aplikasi analisis multivariate dengan program IBM SPSS 23. BPFE Universitas Diponegoro.
Ghozali, I. (2018). Aplikasi analisis multivariate dengan program IBM SPSS 25 (9th ed.). BPFE Universitas Diponegoro.
Greelane. (2019). Pelajari tingkat alpha yang menentukan signifikansi statistik. https://www.greelane.com/id/sains-teknologi-matematika/matematika/what-level-of-alpha-determines-significance-3126422/.
Gupta, C. (2019). Regret aversion bias and financial risk tolerance. International Journal of Commerce and Management Research International, 5(2), 99-104. http://www.managejournal.com/archives/2019/vol5/issue2/5-1-47.
Hartono, J. (2015). Teori portofolio dan analisis investasi. BPFE Yogyakarta.
Hermalin, B., & Isen, A. (2000). The effect of affect on economic and strategic decision making. Johnson Graduate School of Management. http://faculty.haas.berkeley.edu/hermalin/affect.pdf.
Khan, H. H., Naz, I., Qureshi, F., & Ghafoor, A. (2017). Heuristics and stock buying decision: Evidence from Malaysian and Pakistani stock markets. Borsa Istanbul Review, 17(2), 97-110. https://doi.org/10.1016/j.bir.2016.12.002.
KSEI. (2021). Statistik pasar modal Indonesia. https://www.ksei.co.id/files/Statistik_Publik_Juni_2021.pdf.
Kusuma, A. U. (2020). Pandemi, investor pasar modal melejit. https://ubahlaku.id/read/70540/pandemi-investor-pasar-modal-melejit.
Ngoc, L. T. B. (2014). Behavior pattern of individual investors in stock market. International Journal of Business and Management, 9(1), 1-16. http://dx.doi.org/10.5539/ijbm.v9n1p1.
Mahadevi, S. A., & Asandimitra, N. (2021). Pengaruh status quo, herding behaviour, representativeness bias, mental accounting, serta regret aversion bias terhadap keputusan investasi investor milenial di Kota Surabaya. Jurnal Ilmu Manajemen, 9(2), 779-793. https://doi.org/10.26740/jim.v9n2.p779-793.
Mokhtar, A. I. (2014). Behavioral finance: Investor psychology perspective. Journal of Finance and Investment Analysis, 3(2), 41-60. https://journals.usm.ac.id/index.php/jreb/article/view/2863/1871.
Permana, R. W. (2016). Malang sebagai kota pendidikan sejak masa Hindia Belanda. https://m.merdeka.com/malang/kabar-malang/malang-sebagai-kota-pendidikan-sejak-masa-hindia-belanda-160502n.html.
Pompian, M. (2006). Behavioral finance and wealth management: How to build optimal portfolios that account for investor biases. John Wiley & Sons.
Pradana, R. (2018). Pengaruh financial literacy, cognitive bias, dan emotional bias terhadap keputusan investasi (Studi pada investor galeri investasi Universitas Negeri Surabaya). Jurnal Ilmu Manajemen (JIM), 6(3), 108-117. https://jurnalmahasiswa.unesa.ac.id/index.php/jim/article/view/23849/21796.
Raharjo, S. (2014). Cara melakukan uji validitas product moment dengan SPSS. http://www.spssindonesia.com/2014/01/uji-validitas-product-momen-spss.html.
Rasheed, M. H., Rafique, A., Zahid, T., & Akhtar, M. W. (2018). Factors influencing investor's decision making in Pakistan: Moderating the role of locus of control. Review of Behavioral Finance, 70-87. https://doi.org/10.1108/RBF-05-2016-0028.
Rehan, R., & Umer, I. (2017). Behavioural biases and investor decisions. Market Forces, XII(2), 12-20. https://www.researchgate.net/publication/322745330_Behavioural_Biases_and_Investor_Decisions.
Shefrin, H. (2000). Beyond greed and fear: Understanding behavioral finance and psychology of investing. Harvard Business School Press.
Shelly, L. (2019). Milenial Kota Malang ramaikan investor saham. https://malangvoice.com/milenial-kota-malang-ramaikan-investor-saham/.
Sugiyono. (2017). Metode penelitian kuantitatif, kualitatif, dan R&D. CV. Alfabeta.
Ton, H. T. H., & Dao, K. (2014). The effects of psychology on individual investors' behaviors: evidence from the Vietnam Stock Exchange. Journal of Management and Sustainability. 4(3), 125-134. https://doi.org/10.5539/jms.v4n3p125.
Wendy, W. (2021). Efek interaksi literasi keuangan dalam keputusan investasi: Pengujian bias-bias psikologi. Jurnal Ekonomi Bisnis dan Kewirausahaan (JEBIK). 10(1), 36-54. http://dx.doi.org/10.26418/jebik.v10i1.43403.
Wijayanti, D., Suganda, T. R., & Thewelis, F. S. (2019). Gambler's fallacy as behavioral bias of young investor. Journal of Business & Behavioural Entrepreneurship, 3(2), 72-80. https://doi.org/10.21009/JOBBE.003.2.05.
Yohnson. (2008). Regret aversion bias dan risk tolerance investor muda Jakarta dan Surabaya. Jurnal Universitas Kristen Petra Surabaya. 10(2), 163-168. https://doi.org/10.9744/jmk.10.2.pp.%20163-168.
Yuwono, W., & Elmadiani, C. (2021). The effect of emotional contagion, availability bias, overconfidence, loss aversion, and herding on investment decisions in the millennial generation during the beginning of the Covid-19 pandemic. Proceedings of the 1st International Conference on Law, Social Science, Economics, and Education (ICLSSEE). 1-8. http://dx.doi.org/10.4108/eai.6-3-2021.2306475.
Copyright (c) 2023 Michael Wijayanto Hariono, Rino Tam Cahyadi, Dian Wijayanti
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
